Carpenter Technology Corporation $CRS Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp cut its holdings in Carpenter Technology Corporation (NYSE:CRS) by 12.2% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 436,053 shares of the basic materials company’s stock after selling 60,530 shares during the period. Bank of New York Mellon Corp owned about 0.88% of Carpenter Technology worth $120,516,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Stratos Wealth Partners LTD. raised its holdings in shares of Carpenter Technology by 22.9% during the first quarter. Stratos Wealth Partners LTD. now owns 2,968 shares of the basic materials company’s stock valued at $538,000 after buying an additional 553 shares during the last quarter. Hancock Whitney Corp bought a new stake in Carpenter Technology during the 1st quarter valued at $819,000. Y Intercept Hong Kong Ltd bought a new stake in Carpenter Technology during the 2nd quarter valued at $1,460,000. Graham Capital Management L.P. boosted its position in Carpenter Technology by 175.8% during the 1st quarter. Graham Capital Management L.P. now owns 3,643 shares of the basic materials company’s stock worth $660,000 after acquiring an additional 2,322 shares during the period. Finally, Focus Partners Advisor Solutions LLC bought a new position in shares of Carpenter Technology in the first quarter worth $324,000. Institutional investors own 92.03% of the company’s stock.

Insider Activity

In other news, Director Steven E. Karol sold 3,433 shares of the company’s stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $245.78, for a total transaction of $843,762.74. Following the completion of the sale, the director directly owned 180,000 shares of the company’s stock, valued at $44,240,400. This represents a 1.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Tony R. Thene sold 19,000 shares of Carpenter Technology stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $244.99, for a total value of $4,654,810.00. Following the completion of the transaction, the chief executive officer directly owned 535,019 shares in the company, valued at $131,074,304.81. This represents a 3.43% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 28,124 shares of company stock valued at $6,890,250 over the last three months. Insiders own 2.90% of the company’s stock.

Carpenter Technology Stock Up 3.8%

NYSE CRS opened at $327.68 on Friday. Carpenter Technology Corporation has a 12 month low of $138.61 and a 12 month high of $330.50. The company has a market capitalization of $16.32 billion, a P/E ratio of 40.06, a PEG ratio of 1.41 and a beta of 1.47. The company’s 50 day simple moving average is $260.98 and its 200 day simple moving average is $251.65. The company has a debt-to-equity ratio of 0.36, a current ratio of 4.44 and a quick ratio of 2.37.

Carpenter Technology (NYSE:CRS) last issued its earnings results on Thursday, October 23rd. The basic materials company reported $2.43 earnings per share for the quarter, topping analysts’ consensus estimates of $2.13 by $0.30. The firm had revenue of $733.70 million during the quarter, compared to analysts’ expectations of $741.18 million. Carpenter Technology had a net margin of 14.30% and a return on equity of 22.68%. The firm’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same period last year, the firm posted $1.73 earnings per share. Equities research analysts expect that Carpenter Technology Corporation will post 6.83 earnings per share for the current fiscal year.

Carpenter Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Tuesday, October 21st will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, October 21st. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.2%. Carpenter Technology’s payout ratio is 9.78%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on CRS. JPMorgan Chase & Co. lifted their price objective on shares of Carpenter Technology from $305.00 to $388.00 and gave the company an “overweight” rating in a research note on Wednesday, October 29th. Deutsche Bank Aktiengesellschaft set a $425.00 target price on shares of Carpenter Technology and gave the company a “buy” rating in a research note on Friday, October 24th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Carpenter Technology in a research note on Thursday, October 30th. BTIG Research increased their price objective on shares of Carpenter Technology from $305.00 to $365.00 and gave the company a “buy” rating in a report on Monday, October 27th. Finally, Jones Trading started coverage on Carpenter Technology in a report on Wednesday, October 22nd. They set a “buy” rating and a $400.00 target price on the stock. Eight investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $369.67.

Carpenter Technology Company Profile

Carpenter Technology Corporation engages in the manufacture, fabrication, and distribution of specialty metals in the United States, Europe, the Asia Pacific, Mexico, Canada, and internationally. It operates in two segments, Specialty Alloys Operations and Performance Engineered Products. The company offers specialty alloys, including titanium alloys, powder metals, stainless steels, alloy steels, and tool steels, as well as additives, and metal powders and parts.